Recent Financial News in the 'chemical' category
Login or sign up to search news items.
Tuesday, March 19 2024
Experts push for corporate farming
Industrialists and progressive growers have described corporate farming as a positive initiative aimed at revamping and promoting the agriculture sector of the country. They advocate for establishing market prices for seeds, urea, pesticides, and agricultural commodities, alongside providing subsidies to farmers.
Speaking to The Express Tribune, they highlighted the adverse impact of rising production costs and fluctuating crop prices on farmers’ livelihoods and the government’s reputation, emphasising the need for immediate attention to mitigate these challenges. They stressed the necessity for a green revolution to drive agricultural development in Pakistan, advocating for strategic crop selection based on land suitability.
With the ongoing decline in international wheat prices, they urged a shift towards cultivating commodities that Pakistan typically imports, such as palm oil, while also recommending a halt to sugarcane cultivation due to its high water consumption. Redirecting resources towards cultivating other valuable food crops, including cotton, was proposed as a proactive measure.
Related news categories:
business
chemical
economic-indicators
fertilizers
Monday, March 18 2024
PBF says agri-sector capable of doubling $3b contribution
Pakistan Business Forum (PBF) Vice President Jahan Ara Wattoo stated that Pakistan’s agriculture sector holds great potential, and its current contribution of $3 billion to the economy could be doubled with viable approaches covering all aspects of this vital sector and addressing stakeholders’ concerns.
Addressing a workshop on Saturday, she highlighted the urgent need to control cartels in commodity markets to enable the crop component of the agriculture sector to yield tangible results. She noted that the government has high expectations from cotton growers and cited the example of when it declared an indicative price of Rs8,500 per 40kg, leading to a strong revival of crops and doubling production in just one season. However, once cotton started arriving in the market, the price crashed to Rs6,500 per maund as market cartels exploited the farmers.
Related news categories:
business
chemical
economic-indicators
fertilizers
Friday, March 08 2024
Urea makers plan $300m investment to ensure gas
KARACHI: A consortium of Engro Fertilisers Ltd (EFL), Fatima Fertilisers and Fauji Fertilisers will invest over $300 million in the Gas Pressure Enhancement Facilities (GPEF) project at the Mari network to ensure the availability of gas for domestic urea production and safeguard the food security.
“Our expected share in capital expenditure in this project is over $100m, Engro Fertilisers Chief Financial Officer Ali Rathore informed a media workshop on Thursday.
He pointed out that even though Pakistan has the fifth highest urea consumption in the world, it is not investing in capacity growth despite a rapid surge in population. To encourage further capacity expansion by fertiliser manufacturers, there is a dire need to introduce a consistent and homogeneous policy for gas pricing for the industry.
Related news categories:
business
chemical
economic-indicators
fertilizers
psx
stock-exchanges
Thursday, March 07 2024
Finance ministry calls for gas supply to FFBL
ISLAMABAD: The Ministry of Finance has asked the Petroleum Division to allocate gas supply to the Fauji Fertiliser Bin Qasim Limited (FFBL) plant from a new discovery made by Pakistan Petroleum Limited (PPL).
Earlier, the caretaker government approved an increase in the allocation of gas for third parties from 10% to 35% to tackle the growing circular debt and help exploration companies improve their cash flow.
Exploration and production (E&P) firms have welcomed this initiative as they are trapped in circular debt due to delay in payments by the public gas utilities. They prefer third parties for gas supply where chances of stopping payments are very slim.
In a recent letter sent to the Petroleum Division, the finance ministry said that the proposal of allocating 15 million cubic feet of gas per day (mmcfd) to FFBL from a new PPL discovery, ie, 100% allocation, may be re-examined in light of the recent amendments to the Petroleum (Exploration and Production) Policy, 2012, approved by the Council of Common Interests (CCI).
Related news categories:
business
chemical
economic-indicators
fertilizers
psx
stock-exchanges
Related symbols:
ffbl
(news
stock)